As we had expected nifty opened mild positive with a small gap up yesterday. Hope you people experienced yet another volatile and surprise move in nifty. In the first half of the session nifty was trading sideways with ups and downs and in the second half it has not failed to give surprise. Yesterday the surprise was on the positive side unlike Tuesday where the surprise was on the downside. At last nifty closed close to the day’s high and very close to our mentioned resistance level of 2748.
With US market closed on Thursday and Friday, it closed strongly on Wednesday with its indices are almost 3-5% up. Asian markets also have opened and trading positive. Nifty is expected to open flat to mild positive. As today is the expiry day intraday volatility and surprises may be anticipated for the day.
On the upper side nifty may find resistance near 2795 or 2839 levels. Similarly on the lower side support exists near 2641 or 2560 levels. As nifty has closed very close to the crucial resistance level yesterday we have to see whether it could sustain above it. With US market closed for the next two days we have to see how nifty pan out once expiry is over today.
Happy Trading !
Showing posts with label expiry day. Show all posts
Showing posts with label expiry day. Show all posts
Thursday, November 27, 2008
Friday, September 26, 2008
26 Sep'08: Technical Analysis Works
The action of the market speaks for itself about whatever predictions we made yesterday. As we expected, market opened weak and fell unidirectionally towards and closer to the mentioned support of 4069 where it took support and has made its day low at 4077. One interesting point to be noted was that, during the bounce back from the day’s low nifty tried several times to break past the level of 4129 but finally failed only to fall back towards the psychological support level of 4100. Technically and interestingly in the intraday chart, 4129 happens to be a strong Fibonacci resistance level.
Yesterday also “IT” stocks continued to get hammered and IT(s) index was down by 2.8%. Towards the closing of the market, nifty showed some strength by bouncing sharply from the day’s support level which may be part of expiry day drama or a genuine strength which will be validated in a couple of day’s session.
US market closed strong and Asian markets opened and trading weak. We have see to which global cue nifty will be responding for the day. My feeling is that Asian market cue may have more impact on our market than that of US’s as its moves are deceptive sometimes. Everyone is keen and interested to see how the October series will be in this bearish environment.
By closing above 4100 nifty has opened some hope among traders for a bounce back. On the upper side, nifty may find resistance near 4163, 4190 or 4215 levels. Similarly on the lower side nifty may find support around 4067 or 4051 levels. In the daily chart nifty shows some weakness whereas in weekly chart it shows signs of bottoming out. We have to wait for some more sessions to see in which direction market is going to pan out.
SUN OUTAGE: Between 24th Sep.’08 to 8th Oct’08 market will remain closed between 11 25 hrs to 12 10 hrs due to sun outage and market will close at 16 15 hrs instead of 15 30 hrs.
Happy Trading !
Yesterday also “IT” stocks continued to get hammered and IT(s) index was down by 2.8%. Towards the closing of the market, nifty showed some strength by bouncing sharply from the day’s support level which may be part of expiry day drama or a genuine strength which will be validated in a couple of day’s session.
US market closed strong and Asian markets opened and trading weak. We have see to which global cue nifty will be responding for the day. My feeling is that Asian market cue may have more impact on our market than that of US’s as its moves are deceptive sometimes. Everyone is keen and interested to see how the October series will be in this bearish environment.
By closing above 4100 nifty has opened some hope among traders for a bounce back. On the upper side, nifty may find resistance near 4163, 4190 or 4215 levels. Similarly on the lower side nifty may find support around 4067 or 4051 levels. In the daily chart nifty shows some weakness whereas in weekly chart it shows signs of bottoming out. We have to wait for some more sessions to see in which direction market is going to pan out.
SUN OUTAGE: Between 24th Sep.’08 to 8th Oct’08 market will remain closed between 11 25 hrs to 12 10 hrs due to sun outage and market will close at 16 15 hrs instead of 15 30 hrs.
Happy Trading !
Thursday, September 25, 2008
25 Sep'08: Expiry Week Drama
This week being the expiry week, lot of drama is happening in the market. In spite of weak US and Asian market cues, nifty managed to opened in the positive terrain and remained there for the rest of the day. Overall the intraday trend remained choppy. Nifty tested the mentioned resistance of 4195 and reached day’s high of 4207. Nifty short-lived above 4195 level for a very brief duration and fell below the resistance level and honored the same.
Yesterday also “IT” stocks got hammered and IT(s) index was down by 1.44%. Among the 50 nifty index stocks, Wipro recorded the top rank in the loser’s list by falling 4.82%. Starting from yesterday (24th Sep.’08) to 8th Oct’08 market will remain closed between 11 25 hrs to 12 10 hrs due to sun outage and market will close at 16 15 hrs instead of 15 30 hrs.
US market traded choppy and closed mildly weak amid debate over government’s plan to bail out sick banks. Asian markets opened and trading weak. Nifty is expected to open weak and remain choppy as today is the last day of September ’08 series contracts.
On the upper side, nifty may find resistance near 4184, 4207 or 4236 levels and in any case nifty is not expected to breach 4274 for today. Similarly on the lower side nifty may find support around 4115 level, breaching and trading below 4115 may take nifty towards 4069 or 4051 levels. To resume a short term upward trend nifty has to close above 4225.
Nifty chart suggest that it has ripe for a fall in near future as some of the nifty dominant scripts seems to be very week in their charts. Also in any time it is expected that nifty may test the 4041-4051 levels to fill the gap of last Friday gap up.
Happy Trading !
Yesterday also “IT” stocks got hammered and IT(s) index was down by 1.44%. Among the 50 nifty index stocks, Wipro recorded the top rank in the loser’s list by falling 4.82%. Starting from yesterday (24th Sep.’08) to 8th Oct’08 market will remain closed between 11 25 hrs to 12 10 hrs due to sun outage and market will close at 16 15 hrs instead of 15 30 hrs.
US market traded choppy and closed mildly weak amid debate over government’s plan to bail out sick banks. Asian markets opened and trading weak. Nifty is expected to open weak and remain choppy as today is the last day of September ’08 series contracts.
On the upper side, nifty may find resistance near 4184, 4207 or 4236 levels and in any case nifty is not expected to breach 4274 for today. Similarly on the lower side nifty may find support around 4115 level, breaching and trading below 4115 may take nifty towards 4069 or 4051 levels. To resume a short term upward trend nifty has to close above 4225.
Nifty chart suggest that it has ripe for a fall in near future as some of the nifty dominant scripts seems to be very week in their charts. Also in any time it is expected that nifty may test the 4041-4051 levels to fill the gap of last Friday gap up.
Happy Trading !
Subscribe to:
Posts (Atom)
Posts
